Pictet Asset Management Ltd. raised its holdings in Sonoco Products Company (NYSE:SON) by 6,167.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 125,348 shares of the industrial products company’s stock after purchasing an additional 123,348 shares during the quarter. Pictet Asset Management Ltd. owned about 0.13% of Sonoco Products worth $6,324,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of SON. National Planning Corp increased its stake in shares of Sonoco Products by 0.3% during the second quarter. National Planning Corp now owns 12,647 shares of the industrial products company’s stock worth $652,000 after acquiring an additional 42 shares during the period. World Asset Management Inc increased its stake in shares of Sonoco Products by 0.8% during the second quarter. World Asset Management Inc now owns 6,896 shares of the industrial products company’s stock worth $355,000 after acquiring an additional 57 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Sonoco Products by 1.0% during the second quarter. Teacher Retirement System of Texas now owns 7,952 shares of the industrial products company’s stock worth $409,000 after acquiring an additional 76 shares during the period. Bank of Montreal Can increased its stake in shares of Sonoco Products by 0.7% during the second quarter. Bank of Montreal Can now owns 12,995 shares of the industrial products company’s stock worth $669,000 after acquiring an additional 88 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Sonoco Products by 1.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 9,411 shares of the industrial products company’s stock worth $484,000 after acquiring an additional 177 shares during the period. Institutional investors own 71.61% of the company’s stock.
A number of brokerages have recently issued reports on SON. Barclays PLC boosted their price target on shares of Sonoco Products from $48.00 to $49.00 and gave the stock an “underweight” rating in a research note on Friday, October 20th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research report on Thursday, October 19th. Zacks Investment Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Jefferies Group LLC restated a “hold” rating and set a $48.00 target price on shares of Sonoco Products in a research report on Thursday, September 7th. Finally, Bank of America Corporation upgraded shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Sonoco Products presently has a consensus rating of “Hold” and an average price target of $52.00.
In related news, VP Marcy J. Thompson sold 565 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total transaction of $28,815.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Barry L. Saunders sold 5,645 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $52.39, for a total transaction of $295,741.55. Following the transaction, the chief financial officer now owns 60,455 shares in the company, valued at $3,167,237.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,937 shares of company stock worth $363,088. 1.90% of the stock is currently owned by insiders.
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Sonoco Products Company (SON) opened at $50.92 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59. The stock has a market cap of $5,121.13, a P/E ratio of 19.22, a P/E/G ratio of 3.95 and a beta of 1.15. Sonoco Products Company has a one year low of $47.10 and a one year high of $55.58.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.27 billion. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. Sonoco Products’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 earnings per share. research analysts forecast that Sonoco Products Company will post 2.8 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Thursday, November 9th. Sonoco Products’s dividend payout ratio is currently 57.35%.
Sonoco Products Company Profile
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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